Karen Demirchyan Sport and Concert Complex does not attract buyers

No one seems to be interested in buying the Karen Demirchyan Sport and Concert Complex in Yerevan, commonly known as Hamalir, which has been put it up for auction for the fourth time. The auction ends on Sunday, July 14.

On May 19, the Judicial Acts Compulsory Enforcement Service of the Ministry of Justice put the complex for auction at a price of 19 billion, 350 million drams. But as no bids had been presented by the deadline, the building was put up for fresh auctions, with the price being reduced by 10 percent every time.

Now the bidding price for the building was first set at 14 billion, 106 million drams.

When putting the building for auction, the Judicial Acts Compulsory Enforcement Service said its owner had failed to repay his debts to the state budget running into tens of millions of dollars.

The Hamalir, one of the city’s architectural landmarks was built in 1983. The seven-storied building is also located adjacent to the Tsitsernakabert – a hilltop memorial to the victims of the 1915 Armenian Genocide.